Ruble sinks 26% after SWIFT sanctions against Russian banks

TOKYO (AP) — The ruble has plunged to a record low of less than 1 cent in value after Russia was cut off from the global bank payments system in retaliation for Moscow’s invasion of Ukraine. The Russian currency dropped nearly 26% to 105.27 per dollar, down from about 84 per dollar late Friday. Restrictions on the Russian central bank target its access to more than $600 billion in reserves the Kremlin has at its disposal and hinder Moscow’s ability to support the ruble as it plunges in value. Sanctions announced earlier already had taken its currency to its lowest level against the dollar in history.